What is the ONE thing you would do to fix the economy?

Perspective: 5 Friends Share Insights on Success

From Joe Calloway:

Fix the economy by electing grown-ups.

I don’t quite know what to write about this, because with the attitudes of most people being firmly locked in an intransient “we’re right and they’re wrong” position, the idea that we might elect grown-ups may be a pipe dream.

When I say elect grown-ups I mean elect men and women who can articulate solutions, not just spew partisan, whip-the-partyfaithful-into-a-frenzy crap (I chose that word carefully) that appeals to the lowest common denominator of people who are incapable of critical thinking. There are grown-ups in Congress on both sides who can point across the aisle and say “we can work with her or him.” They know who the other grown-ups are.

In Tennessee, where I live, there is one Democratic Congressman (Cooper) and one
Republican Senator (Corker) who are grown-ups. They know how to get to
solutions. They’re smart. They listen. They think. They are pragmatists who are
interested in moving forward.

From Mark Sanborn:

If you want to fix the economy, remember that there is no such thing as a free lunch: if someone eats for free, somebody else has to pay for it. The belief that entitlements are “free” is not only erroneous but dangerous.

Resources spent on entitlements come from the productive sector, usually in the form of taxes. Individuals and companies who produce are taxed on their productive efforts. The money spent on entitlements may be humanitarian but it can’t be used to start or grow companies or invested productively.

Entitlements generally may help people, but they don’t help grow an economy. That isn’t to say we shouldn’t help those that need it; the problem is the increasing number of individual and programs that expect assistance and in recent years there have been more and more of them. Society should help those that cannot help themselves, but not those who will not help themselves.

The economy and all who contribute will improve when we improve when we offer to those who really need help, and not those who simply want it.

From Larry Winget:

Teach people to be more responsible and smarter with their
money, get government to run like a business, create more
jobs and get more people working, fewer entitlements and no
more bailouts. All good ideas, but all take too long to have an
impact.

So, here you go: A 15% across the board cut on all
government spending.

No more “let’s cut this and let’s cut that.” When you pick and choose, it becomes partisan and political and nothing gets done. So, cut everything by 15%. Defense, education, wages, utilities, people, roads, even paper and staples . . . all of it. Not one exception. No department is spared.

And don’t say, “Larry!!! Not education. Not welfare. Not feeding children!!”

That’s the problem, we want to play favorites and every one says, “Cut spending, but
not MY spending.” Bottom line: Government is too big and there is way more than 15% waste in every area. So mandate a 15% cut to every budget with the condition that services and service levels are not affected. Force efficiency since they can’t do it on their own.

From Scott McKain:

Focus on improving the relationship between government and
small business.

For all the tax and infrastructure benefits offered to gain 1000
jobs, my wager is that 200 small businesses each hiring five new
people has greater impact on the local community – yet, those
entrepreneurs receive none of the incentives a big corporation
mandates.

What if there were no corporate taxes for businesses that gross
under $2 million? How many new employees could those entrepreneurs now hire?

The owner will be paying more in taxes, as it’s reasonable to assume that her
personal income would rise. More people would be employed, moving them from
unemployment benefits and food stamps into taxpayers. It is a true “win-win.”

What if we placed a higher premium on creating companies rather than moving
money? We need to stimulate more Steve Jobs and Bill Gates…and fewer Bernie
Madoffs. When there’s more money in manipulation of currency, stock, and
markets than there is in building businesses and creating jobs…something is out of
alignment.

From Randy Pennington:

The easy answer is, “Do what we’ve done in Texas.” The leaders
here make it easy for business to do business.

Here are the results: unemployment lower than the national
average; 40% of all the jobs created between 2009 and 2011;
large companies relocating here.

The employment statistics don’t mention the high percentage
of minimum wage jobs, however.

Adding jobs is not fixing the economy. For that, we must
completely overhaul our education system to grow the skills and work ethic needed
to compete in the 21st century.

Here is the truth: Many of the jobs lost in the Great Recession are never coming
back. They can be automated or performed in less expensive places. And, we have a
skills shortage for the jobs that will grow our economy.

We spend more per student than any other country in the world, and we do not
rank in the top 20 on math, science, and reading scores. Our commitment to reskilling
adults is marginal at best – from both the unemployed and the government.

So yes, let’s elect grownups who will lead. But let’s not confuse putting people to
work in low-paying jobs with fixing the economy. That requires a commitment to
education and entrepreneurial thinking that enables jobs that add value. It is equal
parts responsible leadership and individual responsibility.

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Randy Pennington is an award-winning author and a leading authority on helping organizations deliver positive results in a world of accelerating change. To learn more or to hire Randy for your next meeting, visit www.penningtongroup.com or call 972-980-9857.